Shadowfax Technologies Ltd (STL) is an end-to-end 3P (3rd party) logistics solution provider with an exhaustive service network of 14,758 Indian pin codes as of September 2025.
Flipkart and TPG-backed e-commerce enablement platform Shadowfax Technologies Ltd’s ₹1,907.27-crore sail through on the last day of issue closing, thanks to institutional and retail investors. The IPO came out with a price band of ₹118-124.
The IPO, which consisted of a fresh issue worth ₹1,000 crore and an offer-for-sale by shareholders worth ₹907.27 crore, was subscribed 2.72 times.
Through the OFS, Flipkart Internet, Eight Roads Investments Mauritius II Ltd, NewQuest Asia Fund IV (Singapore) Pte Ltd, Nokia Growth Partners IV, L.P, International Finance Corporation, Mirae Asset, Qualcomm Asia Pacific Pte. Ltd and Snapdeal founders — Kunal Bahl and Rohit Kumar Bansal — offloaded shares.
While the QIB portion was subscribed 3.81 times, the portion reserved for retail investors saw bids for 2.31 times, even as non-institutional investors’ remained undersubscribed at 0.84 times. The quota for employees portion saw a two-fold increase.
As part of IPO, the logistics services provider Shadowfax raised ₹856 crore from anchor investors who included Nippon India Mutual Fund (MF), ICICI Prudential MF, JM Financial MF, Motilal Oswal MF, Government Pension Fund Global, ICICI Prudential Life Insurance Company, Societe Generale, HSBC Global Investment Funds, Eastspring Investments and Jupiter India Fund, according to a circular uploaded on BSE’s website.
Funds raised through the fresh issue will be utilised towards enhancing capacity in terms of network infrastructure (₹423.4 crore), lease payments for new first mile, last mile, and sort centres (₹138.6 crore), and towards branding, marketing, and communication initiatives, unidentified inorganic acquisitions (₹88.6 crore), and general corporate purposes.
Shadowfax Technologies Ltd (STL) is an end-to-end 3P (3rd party) logistics solution provider with an exhaustive service network of 14,758 Indian pin codes as of September 2025. The company services a wide range of enterprise clients, including e-commerce, quick commerce, the food marketplace and on-demand mobility companies. The company’s nationwide logistics network includes 4,299 touchpoints across first-mile and last-mile centres and sort centres.
Its clientele includes marquee companies such as Meesho, Flipkart, Myntra, Swiggy, Bigbasket, Zepto, Blinkit, Zomato, Uber, ONDC, Magicpin, amongst others.
For the first half of FY26, Shadowfax reported a revenue of about ₹1,800 crore, marking a 68 per cent year-on-year increase. Its total revenue stood at ₹2,485 crore in FY25.
Published on January 22, 2026
